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- đ„ $53M for a Car? + Anthony Cudahy
đ„ $53M for a Car? + Anthony Cudahy
But blue-chip art lags
HEY YâALL!
Thanks for all the great feedback on the Javier Calleja piece I shared last Monday!
đ If you watched my last video but couldnât find the link to the tool, here it is: https://app.frameandflame.com/
đ„ ICYMI â Catchs from the Last Week:
Today we have a Thomas Houseago thatâs all muscleâpriced well below peak, but institutions are circling. Plus, Zona Maco bets big while Art Basel bleeds VIPs.
But firstâŠ
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-Todayâs Catch-
Anthony Cudahy
đ My 2 Cents: âGlimmering on the landâ might sound like a fairy tale, but Anthony Cudahyâs soft, dissolving figures pack a punch. Iâm not usually one for hazy group scenes bathed in neon yellows, but this 121 x 121 cm canvas has me hookedâmaybe itâs that nostalgic glow or the sneaky depth beneath all that warm light.
đ Key Numbers: The artistâs market may have dipped recently (with a -51% CAGRâouch), yet his hammer ratio is still a healthy 2.16, and 2021 works average around $21,366. Thatâs hardly chump change, but considering his 88.9% sell-through rate, collectors donât seem to care about short-term slumps. Price-wise, mid-five figures isnât crazy for a painting that hits emotional notes and has solid institutional backing.
đ§ Why Itâs a Smart Pick: Demand is strong among die-hard figurative fans, and Cudahyâs museum presence just keeps growing. Youâre not just buying a cool glow effect; youâre tapping into a bigger conversation about memory and queer intimacy. For those craving narrative-rich painting, this oneâs worth the investment.
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-In a Minute-
đ„ Words I Like: hustle, overreach, shakeup
Zona Macoâs Big Gamble
The big galleries are growing, even as their numbers look shaky. Lisson, Ropac, Pace, and Zwirner filed their UK reports, and letâs just say they arenât exactly flexing record profits. Lissonâs down 30% in revenue, Ropacâs London branch is wobbling, and even Paceâone of the âhealthierâ playersâstill burned through 75% of its turnover in operating costs. But expansion continues because, well, thatâs the game.
Over in Mexico City, Zona Maco is in full swing, but local collectors are hesitant, watching how Claudia Sheinbaumâs government handles the budget crunch. Trumpâs new tariffs arenât helping eitherâUS buyers might hesitate, meaning some solid deals could slip through the cracks.
Meanwhile, Art Baselâs VIP exodus continues, with Irene Kim jumping ship to Chanel. Thatâs three senior departures in a month, and if you think that wonât shake up the fairâs collector dynamics, you havenât been paying attention.

The 1954 Mercedes-Benz W 196 R Stromlinienwagen
And in case you thought the high-end market was all doom and gloomâsomeone just dropped $53M on a 1954 Mercedes Streamliner. Vintage cars, still outpacing a lot of blue-chip art in ROI.
Speaking of wild deals, David Geffen and crypto bro Justin (Banana) Sun are in a full-blown legal slapfight over a Giacometti sculpture allegedly sold without permission. Sun claims fraud, Geffen calls it sellerâs remorse, and the whole thing is a reminder: when a deal seems too good to be true, check the paperworkâtwice.
So whatâs the move? Look at underpriced mid-tier works. The blue-chip market is limping, but hungry galleries will deal, especially if US buyers pull back. Mexicoâs scene is primed for shakeups, and some artists there are underexposed internationally. LAâs upcoming Made in L.A. biennial could also be a hunting ground for smart bets.
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See you soon!

-Alvaro (@theartmarketguy)
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